Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Foreign bank issuers secure tight pricings
◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally
Demand allowed the bank to cut the yield by 35bp
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Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis. -
Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.
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The US Federal Reserve moved one step closer this week to signalling it will start to end its quantitative easing measures. FIG borrowers now face a nervous wait for the central bank’s next communication in late August, which will define the strength of market conditions ahead of a crucial issuance window in September.
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Sustainable bond volumes are tipped to top $850bn this year after a record first half, despite the pricing benefit versus conventional debt all but evaporating in recent months.
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Novo Banco has repurchased about €260m more debt than it set out for with a tender offer this month, as it looks to reshape its funding structure towards the minimum requirements for own funds and eligible liabilities (MREL).
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Lloyds Bank has formulated a succession plan to prepare for the departure of Allen Appen, its head of bond financing, as another senior figure prepares to leave its debt capital markets group.
